Business Accounts

Business Savings Account

Perfect for a business just starting out, or an unincorporated association like a tenants’ account, the Bk Coop Business Savings account offers a variety of free services such as online & mobile banking, direct deposit, electronic bill payments, bulk cash deposits, and receipt of wire transfers.

Additional services such as origination of wire transfers, money orders, cashier checks, etc… are available for a fee (view a full list of account services and their fees).

Business Simple Checking

For members who just wish to utilize physical checks, Business Simple Checking account is the right fit.  This account has all the same features as Business Regular Checking except for a Debit/ATM card.  The $10 monthly fee can be waived with a minimum balance of $2,500.

Business Regular Checking

Businesses that need a debit card to make purchases may opt for the Business Regular Checking account. There are no limits or fees for ACH or POS transactions and 4 free ATM withdrawals per month.  The $20 monthly fee is waived with a minimum balance of $5,000.

How to Open a Business Account

To qualify for a Business Account, Brooklyn Coop requires:

  1. Demonstration of your business entity.  Please scroll down to your entity type and gather the documents listed below.
  2. Identification of designated authorized signers.  Each authorized signer must provide an unexpired government issued photo ID, proof of Social Security Number or an ITIN letter and proof of personal address.
  3. Completion of Beneficial Owners form for all entities except unincorporated associations and sole proprietors. Beneficial Owners must provide verification of their identity even if they are not authorized signers. See an explanation of Beneficial Owners to the right. 
  4. Completion of Account Activity Assessment form. 

Once you have collected the relevant business documents, please upload your business documents and identification documents here. Upon review of the documents we will reply to confirm receipt of documents and provide you with a link to schedule an appointment.

Feel free to email us at business@brooklyn.coop if you have any questions.  

What is a Beneficial Owner? 

A Beneficial Owner is a person who EITHER owns 20% or more of the entity,

OR has significant control over the organization such as a Chief Executive Officer, Executive Director, CFO, COO, President, Board Chair, Treasurer, etc. .

A person that regularly performs similar functions even without a title counts as a Beneficial Owner.

All Beneficial Owners must provide:

– piece of mail as proof of address AND 

– their unexpired US passport OR their Social Security card and any unexpired government-issued photo ID OR two unexpired government-issued photo IDs. 

Corporation (including Nonprofit Corporations)
  • Articles of Incorporation or NY State Certificate of Incorporation
  • A Resolution letter identifying authorized signers, signed by Board of Directors
  • Certificate of Good Standing if the Certificate of Incorporation is over 10 years old
  • IRS letter issuing EIN
  • A piece of mail as proof of business address
  • All Beneficial Owners must provide ID verification and sign the Beneficial Owner form*

*signatures of owners with 20%+ ownership not present must be notarized

Limited Liability Corporation (LLC)
  • NY State Articles of Organization
  • IRS letter issuing EIN
  • A document authorizing specific signers for the account. This may be a Resolution of Authority or an Operating Agreement or Certificate of Formation signed by the organization members or managers.
  • A piece of mail as proof of business address
  • All Beneficial Owners or managing members must provide ID verification and sign the Beneficial Owner form*

*signatures of members with 20%+ ownership not present must be notarized.

Partnership
  • Partnership Certificate issued by NYS county in which the business operates
  • Partnership Agreement
  • A Resolution letter authorizing the opening of an account, listing the signers on the account and signed by the partners
  • IRS letter issuing EIN
  • A piece of mail as proof of business address
  • All Beneficial Owners or managing members must provide ID verification and sign the Beneficial Owner form*

*signatures of partners with 20%+ ownership not present must be notarized

Sole Proprietor
  • Copy of Sole Proprietor’s Assumed Name or D/B/A papers if available
  • IRS letter issuing EIN
  • A piece of mail as proof of address
Unincorporated Association
  • Organization Resolution. The managers of the association should create and sign a letter authorizing the opening of an account and listing the signers of the account.*  Click here for a template for this letter.
  • IRS letter issuing EIN
  • Individuals who will be account signers must arrive for the appointment with unexpired government-issued photo ID and proof of their Social Security Number or an ITIN letter
  • A piece of mail as proof of address

*signatures of managers not present must be notarized

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